PayPal Promotes Braintree, Venmo Executive to Operating Chief
October 03 2016 - 10:20PM
Dow Jones News
PayPal Holdings Inc. said it promoted William J. Ready, whose
most recent roles have included heading the online-commerce
company's Braintree unit and peer-to-peer payments app Venmo, to
chief operating officer.
The move comes as PayPal in recent months has inked deals with
big card issuers Visa Inc. and MasterCard Inc. in an effort to
become a universally accepted method of payment—part of the
online-payment pioneer's strategy after splitting off from eBay
Inc. last year.
Mr. Ready, 37 years old, has been PayPal's global product and
engineering chief since January. His responsibilities have included
Braintree, which processes payments for big merchants, as well as
Venmo, a social peer-to-peer payments app popular with
millenials.
He was brought aboard with PayPal's 2013 acquisition of
Braintree Payments Solutions, where he was CEO. The roughly $800
million deal, which included Venmo, marked a bet by PayPal to
secure a leading position in a race to get consumers to pay for
goods and services on mobile devices.
Since its separation from eBay, PayPal has sought to find new
ways to both expand its overall usage and defend its pricing power
as it faces off against an expanding array of payments options for
consumers, such as Apple Inc.'s Apple Pay, and young payments
providers such as Stripe Inc.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
October 03, 2016 22:05 ET (02:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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